A political ‘Game of Thrones’ prevented Australia from having a credible energy policy and complicated its management of a souring relationship with China as tech companies led a corporate makeover.
editorialised that “the old, tired antagonism between labour and capital still dominates the thinking of many members of the Labor government” and “this attitude is doing Australia no good”.
Another key Henry review recommendation was cutting the company tax rate to 25 per cent from 30 per cent. Rudd said he would reduce it to 28 per cent, but only if he succeeded in introducing the RSPT. Following his replacement by Julia Gillard, the RSPT was, in turn, replaced by the Minerals Resource Rent Tax . This new impost was so mild and there were so many flaws in its design that it initially failed to pull money into government coffers.Gillard and her government were struggling.
But it was not to be. The irony was that many of Abbott’s frustrations in Parliament were caused by a conservative businessman, and former, outspoken, Coalition supporter, Clive Palmer, who made his fortune in Gold Coast real estate. Treasurer Joe Hockey had “asked Australians to ‘contribute to the nation’ by paying more for petrol and doctors’ visits, market rates for higher education, and higher tax rates for high-income earners,” theThe independent Parliamentary budget Office warned that without fiscal discipline, Australia’s debt would balloon to $667 billion.
“We’re crossing the river one stone at a time. There’s no overarching paradigm of thought or analysis that can help us understand how to navigate,” Ken Curtis, a former managing director of Goldman Sachs in Asia, told the“We’ve lived in a global economy that lurches from crisis to crisis” is the way economist Paul Krugman described it in. “Every time one part of the world finally seems to get back on its feet, another part stumbles,” Krugman wrote.
“It was a moment when everyone wanted to learn and better understand China,” Geoff Raby, Australia’s former ambassador in Beijing, who was at Boao that year, told theLocally, it was not so much “fear and greed” but rising concern about Abbott’s judgment. Early in 2015, Phillip Coorey reported that Abbott was “defending his leadership following a spate of controversial decisions”, including the awarding of a knighthood to Prince Philip without consulting cabinet.
Abbott did what any red-blooded Australian would do – he threw a party. They were all there: Peta Credlin, his chief-of-staff whom had been blamed by some for the downfall; treasurer Joe Hockey, who had copped the same negative rap, and then other ministers and some 50 of his personal staff. Little did a victorious Turnbull realise there was another, politically terminal, round to go. Nine months after Turnbull’s final removal, Abbott, too, was gone from Parliament.
After bulldozing former NSW Liberal president Peter King out of his seat of Wentworth, Turnbull became a Liberal MP, assistant minister in charge of water issues, environment minister, Opposition leader, defeated Opposition leader, communications minister in the Abbott government, and finally, prime minister.
Trump’s boilover election victory partly reflected anger about stagnating wages for American workers, frustration over the wars in Iraq and Afghanistan, and anxiety about the migration of jobs to Asia and Mexico. But these factorsgot that year’s presidential vote so wrong. He effectively limited himself to promoting “jobs and growth” in a desultory campaign performance and suffered an adverse swing of 3.5 per cent in the July 2, 2016, double dissolution election. Turnbull lost 14 lower house seats, leaving him with a bare majority of just one.
Canberra was on the lookout for state-sponsored Chinese companies swooping on ailing Australian enterprises, a tougher approach reinforced by former ASIO boss David Irvine’s appointment as head of the Foreign Investment Review Board. The term “Hayne pain” became part of everyday language as prominent business leaders, including NAB CEO Andrew Thorburn, NAB chairman Ken Henry, and AMP chairman Catherine Brenner and CEO Craig Meller, fell on their respective swords.
“The severe drubbing meted out to financial advisory and wealth management firms is in stark contrast to the banks, whose share prices have proved remarkably resilient, despite some equally dismal examples of misbehaviour on their part.
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